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Drawing correct resistance and support-lines

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  • #2,661
  • May 3, 2011 3:15am May 3, 2011 3:15am
I do not expect to place any trades this morninng. I probably will wait to see what tomorrow offers.
  • #2,662
  • May 4, 2011 1:02am May 4, 2011 1:02am
I placed a buy order for the EUR/USD at 1.48408 which was triggered at that price. I placed a TP order at 1.48906 and I continued to move my SL up as the price moved up. My SL was hit at 1.48623 for a 21.5 PIP gain.

As I stated earlier, I have a target $ profit objective for each week, and I trade with that in mind. I have already exceeded my goal.
Attached Image (click to enlarge)
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  • #2,663
  • Jun 12, 2011 3:55am Jun 12, 2011 3:55am
My EJ Analysis which is currently on the Trendline.Support become Resistance,Resistance become Support. If it break the TL,more Bearish is expected....

AS Cobra Team
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Trade what you SEE, don't trade what you FEEL. Be Smart! - (Webadoi)
  • #2,664
  • Jun 30, 2011 6:27am Jun 30, 2011 6:27am
Far too long I have promised a video showing how to analyse the market trend. I have finally posted it in my blog and I truly believe applying those "filters" to your trading can make a great difference.

Here is the link http://symfx.blogspot.com/2011/06/tr...ket-video.html
Measure twice, cut once
  • #2,665
  • Sep 11, 2011 12:36am Sep 11, 2011 12:36am
i drew 2 lines as support & resistance to the price action of eurusd.
when the price broke through the triangle i instantly shorted it.
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDDaily.png Size: 57 KB
  • #2,666
  • Sep 27, 2011 4:43am Sep 27, 2011 4:43am
Just to contribute to your thread and show people how it needs to be done. After 1:2 my sl is already at be, so its a free ride from now;-)
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  • #2,667
  • Nov 11, 2011 10:20am Nov 11, 2011 10:20am
Quoting belekas
Just to contribute to your thread and show people how it needs to be done. After 1:2 my sl is already at be, so its a free ride from now;-)
Got to love it
Measure twice, cut once
  • #2,668
  • Nov 17, 2011 10:12am Nov 17, 2011 10:12am
Silver wedge breakout;
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Measure twice, cut once
  • #2,669
  • Edited Nov 18, 2011 12:44am Nov 17, 2011 11:28pm | Edited Nov 18, 2011 12:44am
Quoting aediaz1
Got to love it
No doubt mate.)


Quoting aediaz1
Silver wedge breakout;
Damn broker. My picture looks different. No trade. Damn. I like trading wedges, especially on da Silver!

Nice one!
  • #2,670
  • Nov 18, 2011 2:59am Nov 18, 2011 2:59am
Quoting aediaz1
Silver wedge breakout;
The only trade for me this week, already booked the profits at 90% AWR.
Trading = a mirror to your human flaws. Fix them or be fixed.
  • #2,671
  • Nov 18, 2011 3:02am Nov 18, 2011 3:02am
Here's what I follow today. Am expecting breakout above the H1 bearish trendline. There was a fake one an hour ago.
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Click to Enlarge Name: nzdusd.png Size: 24 KB
Trading = a mirror to your human flaws. Fix them or be fixed.
  • #2,672
  • Nov 24, 2011 5:58am Nov 24, 2011 5:58am
Here is a TL on cad/jpy that have been touched 5 times. Sweet irony that I'm still hold my short position on this pair. At least until the TL breaks, which is 99.9% certain it will in VERY near future

PS: Notice that you can draw the TL from the top of the trend with almost exact same angle !
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Measure twice, cut once
  • #2,673
  • Mar 19, 2013 9:14pm Mar 19, 2013 9:14pm
Hi All,

I know that we can draw support and resistance line both horizontal and inclined. But my question is if a trend respects both these lines, which one to follow?. Is it horizontal or inclined?. As a trader , this is much confusing stage for me. Because most of the time currency respect both horizontal and inclined S/R nicely..
  • #2,674
  • Jun 7, 2013 11:40am Jun 7, 2013 11:40am
Quoting rishimaxi
Hi All, I know that we can draw support and resistance line both horizontal and inclined. But my question is if a trend respects both these lines, which one to follow?. Is it horizontal or inclined?. As a trader , this is much confusing stage for me. Because most of the time currency respect both horizontal and inclined S/R nicely..
From what i've read, horizontals seem to be more significant than others. @50pipsfx advocates this almost exclusively. Other graphical elements like Fibonacci lines primarily work off of the horizontal line principle, even though they are derived from varying gradients of tendlines.

Drawing horizontals allows a greater viewpoint historically as well i'd say.
Twitter: @Solve_Forex
  • #2,675
  • Aug 18, 2013 11:55pm Aug 18, 2013 11:55pm
Quoting RichD
Hi aediaz1 Good to see you bring this up. An excellent and important point. Hopefully your thread will continue and provoke some discussion on trends appearing and ready to break based on these proper lines. Its hard to keep an eye on all pairs / time frames to catch them. I know someone has posted the Tom DeMark document before but it warrants a repost. Also the MT4 indiactor which draws the lines AND potential targets following breakout >> ** Just realized I attached the wrong MT4 indicator.. I will re attach ** Ok proper one attached now {image}...
This file is not working!! can you post another valid file.
  • #2,676
  • Last Post: Nov 20, 2018 5:32pm Nov 20, 2018 5:32pm
Can some1 help me if its correct way to draw thank you
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